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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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Qualified Nonrecourse Debt
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Sam55
Level 3
09-12-2024
09:21 PM
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Qualified nonrecourse debt shown on a K-1 gives the partner at-risk basis, even though the partner is not personally liable for this debt. Because this debt gives the partner basis, is this debt considered recourse, and therefore reported on line 20 of Sch L on the 1065? ...or does this debt go as nonrecourse on line 18, regardless?
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George4Tacks
Level 15
09-15-2024
10:55 AM
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Is this a real estate mortgage that belongs on line 19b?
Answers are easy. Questions are hard!
Sam55
Level 3
09-15-2024
05:01 PM
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No, it's not a loan from partners. It's a bank loan obtained by the partnership and secured by the property to which it is for, and the partners' K-1's show each partner's share of this loan in section K of the K-1.
